I had this happen once, the diaphragm shown in Hupcup's photo was porous and leaking gas down the vacuum line to #6 cylinder flooding it out in that cylinder only, that gas is still under pressure, so when the exhaust valve opens that fuel gets sprayed into your exhaust pipe and out...
As far as pulling the tank and working on the petcock, I recommend getting a service manual and follow the instructions in there, it's really not a big deal, but do it wrong and you'll find yourself alongside the road...or find another Valk owner, he'll know....
the gas smell in the oil, the gas could be leaking down cylinder walls into the crankcase, it would seem to me if the gas was leaking into the cylinder and not leaking out, you would have hydro locked after enough gas had built up...I'd do the petcock first, change the oil and fire it back up, if I still had a gas smell in crankcase that would tell me I have different problem as well....get the manual, it will be the best investment you made in awhile...
